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Policy Making and Speculative Attacks in Models of Exchange Rate Crises: A Synthesis

Author

Listed:
  • Corsetti, G.
  • Cavallari, L.

Abstract

This paper discusses within a common analytical framework the logical and analytical links between theories of exchange rate crises that model the abandonment of a peg as an optimizing decision by rational policy makers, and theories that focus on the dynamics of speculative attacks when policies are incoherent with the indefinite defense of the current nominal parity.

Suggested Citation

  • Corsetti, G. & Cavallari, L., 1996. "Policy Making and Speculative Attacks in Models of Exchange Rate Crises: A Synthesis," Papers 752, Yale - Economic Growth Center.
    • Handle: RePEc:fth:yalegr:752
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    Citations

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    Cited by:

    1. Corsetti, Giancarlo & Pesenti, Paolo & Roubini, Nouriel, 1999. "Paper tigers?: A model of the Asian crisis," European Economic Review, Elsevier, vol. 43(7), pages 1211-1236, June.
    2. Eijffinger Sylvester C. W. & Goderis Benedikt, 2007. "Currency Crises, Monetary Policy and Corporate Balance Sheets," German Economic Review, De Gruyter, vol. 8(3), pages 309-343, August.
    3. Bruneau, Catherine & Delatte, Anne-Laure & Fouquau, Julien, 2014. "Was the European sovereign crisis self-fulfilling? Empirical evidence about the drivers of market sentiments," Journal of Macroeconomics, Elsevier, vol. 42(C), pages 38-51.
    4. Eijffinger, S.C.W. & Goderis, B.V.G., 2005. "Currency Crisis, Monetary Policy and Corporate Balance Sheet Vulnerabilities," Other publications TiSEM 5fd07236-d47e-4233-bd0c-6, Tilburg University, School of Economics and Management.
    5. Buiter, Willem H. & Corsetti, Giancarlo & Pesenti, Paolo, 1996. "Interpreting the ERM Crisis: Country-Specific and Systemic Issues," CEPR Discussion Papers 1466, C.E.P.R. Discussion Papers.
    6. repec:dau:papers:123456789/13144 is not listed on IDEAS
    7. Sylvester C. W. Eijffinger & Benedikt Goderis, 2007. "Currency Crises, Monetary Policy and Corporate Balance Sheets," German Economic Review, Verein für Socialpolitik, vol. 8(3), pages 309-343, August.

    More about this item

    Keywords

    EXCHANGE RATE; MODELS; FINANCIAL MARKET; INTERNATIONAL FINANCE;
    All these keywords.

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F30 - International Economics - - International Finance - - - General
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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